Bill Text: NY A06310 | 2023-2024 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Establishes the power plant tax assessment challenge reserve fund to prevent increases in the Northport-East Northport union free school district's real property tax levy and/or tax rate resulting from decreases in revenue or taxes or a significant shift in tax liability due to a tax certiorari settlement or judgment; defines terms; makes related provisions.

Spectrum: Bipartisan Bill

Status: (Engrossed) 2024-05-13 - reported referred to rules [A06310 Detail]

Download: New_York-2023-A06310-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          6310

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                      April 3, 2023
                                       ___________

        Introduced by M. of A. K. BROWN -- read once and referred to the Commit-
          tee on Education

        AN  ACT  to  amend  the  education  law, in relation to establishing the
          Northport-East Northport LIPA power  plant  tax  assessment  challenge
          reserve fund

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. The education law is amended by adding a new  section  3654
     2  to read as follows:
     3    § 3654. Northport-East Northport LIPA power plant tax assessment chal-
     4  lenge reserve fund. 1. Definitions. As used in this section:
     5    (a) "Board of education" or "board" shall mean the board of  education
     6  of the Northport-East Northport union free school district.
     7    (b)    "Northport-East Northport LIPA power plant tax assessment chal-
     8  lenge reserve fund" or "fund" shall mean  the  Northport-East  Northport
     9  LIPA  power  plant  tax  assessment challenge reserve fund   established
    10  pursuant  to this section.
    11    (c)  "School  district"  or  "district"  shall mean the Northport-East
    12  Northport union free school district.
    13    2. The board of education is hereby authorized to establish  a  North-
    14  port-East  Northport  LIPA  power plant tax assessment challenge reserve
    15  fund to reserve against, or lessen or prevent increases   in the  school
    16  district's  real  property  tax  levy  and/or  tax  rate  resulting from
    17  decreases in revenue or taxes or a significant shift  in  tax  liability
    18  due  to  a tax certiorari settlement or judgment provided, however, that
    19  no such fund shall be established unless approved by a majority vote  of
    20  the  voters present and voting on a separate ballot proposition therefor
    21  at either a special district meeting which the board  of  education  may
    22  call for such purpose or at the annual district meeting and election, to
    23  be  noticed  and  conducted  in  either  case in accordance with article
    24  forty-one of this chapter. Such separate proposition shall set forth the

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06715-01-3
        A. 6310                             2

     1  maximum allowable balance to be deposited and held in the Northport-East
     2  Northport LIPA power plant tax assessment challenge reserve fund. Moneys
     3  shall be paid into and withdrawn from the fund and  the  fund  shall  be
     4  administered as follows:
     5    (a)  The  board  of education is hereby authorized to receive payments
     6  into  its Northport-East Northport LIPA power plant tax assessment chal-
     7  lenge reserve fund  from  any  available funds or  sources  of  revenue,
     8  including any surplus from an existing reserve fund.
     9    (b)  Moneys  may  be  withdrawn from the Northport-East Northport LIPA
    10  power  plant  tax assessment challenge reserve fund by resolution of the
    11  board for any fiscal year, to be expended for any   lawful  purpose,  to
    12  lessen    or  prevent  increases in the district's tax levy. Withdrawals
    13  from the fund shall  be  disclosed  in  a  manner  consistent  with  the
    14  required  disclosures  of  similar  reserve  funds held by the district,
    15  including  disclosures required by the property tax report card prepared
    16  by the district pursuant to  the  provisions  of  subdivision  seven  of
    17  section  seventeen  hundred  sixteen  of  this chapter.
    18    § 2. This act shall take effect immediately.